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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.255%  
  Support   1.518%  
  Resistance   1.279%  
  FN 2.5% Coupon   103.687 (+0.016)  
     Monday, August 23, 2021

Futures Rise, Dollar Decline, Oil increases

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.2701, 1.51 bps higher than prior closing of 1.2550.

U.S. futures rose along with stocks in Europe as concerns about China’s regulatory crackdown reduced. Contracts on the S&P 500 and Nasdaq 100 rose. The Stoxx Europe 600 index increased for a second day. European companies are rushing to list in the U.S. at the fastest pace since 2000 as the valuations in the U.S. are higher for unprofitable or young tech companies. Oil was hovering above $64 a barrel in New York. Treasury yields rose whereas the dollar declined. Bitcoin was trading at around $50,000 for the first time since May. Numbers on the U.S. GDP, Initial jobless claims are due on Thursday.

The curve has bear-steepened with the UST 10-Year yield up 1.51 bps.

This Week's Events
  08/23 Chicago Fed Nat Activity Index 05:30 Jul 0.12 0.53 0.09 -0.01  
  08/23 Markit US Manufacturing PMI 06:45 Aug P 62.00 61.20 63.40 -  
  08/23 Markit US Services PMI 06:45 Aug P 59.20 55.20 59.90 -  
  08/24 Richmond Fed Manufact. Index 07:00 Aug  24.00 - 27.00 -  
  08/24 New Home Sales 07:00 Jul 697k - 676k -  
  08/25 MBA Mortgage Applications 05:00 20-Aug - - -3.90% -  
  08/25 Durable Goods Orders 05:30 Jul P -0.20% - 0.90% -  
  08/26 GDP Annualized QoQ 05:30 2Q S 6.70% - 6.50% -  
  08/26 Initial Jobless Claims 05:30 21-Aug 350k - 348k -  
  08/27 PCE Deflator YoY 05:30 Jul 4.10% - 4.00% -  
  08/27 PCE Deflator MoM 05:30 Jul 0.40% - 0.50% -  
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
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